IRIS Accounts Production v23.3.1.45 05080556 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh050805562022-03-31050805562023-03-31050805562022-04-012023-03-31050805562021-03-31050805562021-04-012022-03-31050805562022-03-3105080556ns10:Originalns15:EnglandWales2022-04-012023-03-3105080556ns14:PoundSterlingns10:Original2022-04-012023-03-3105080556ns10:Originalns10:Director12022-04-012023-03-3105080556ns10:Original2022-04-012023-03-3105080556ns10:Original2023-03-3105080556ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3105080556ns10:Originalns10:SmallEntities2022-04-012023-03-3105080556ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3105080556ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105080556ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3105080556ns10:Originalns10:FullAccounts2022-04-012023-03-3105080556ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3105080556ns10:Originalns10:Director22022-04-012023-03-3105080556ns10:CompanySecretary1ns10:Original2022-04-012023-03-3105080556ns10:Originalns10:RegisteredOffice2022-04-012023-03-3105080556ns10:Original2022-03-3105080556ns10:Originalns5:CurrentFinancialInstruments2023-03-3105080556ns10:Originalns5:CurrentFinancialInstruments2022-03-3105080556ns5:ShareCapitalns10:Original2023-03-3105080556ns5:ShareCapitalns10:Original2022-03-3105080556ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3105080556ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3105080556ns10:Originalns5:PlantMachinery2022-04-012023-03-3105080556ns10:Originalns5:MotorVehicles2022-04-012023-03-3105080556ns10:Originalns5:ComputerEquipment2022-04-012023-03-3105080556ns10:Original2021-04-012022-03-3105080556ns10:Originalns5:PlantMachinery2022-03-3105080556ns10:Originalns5:MotorVehicles2022-03-3105080556ns10:Originalns5:ComputerEquipment2022-03-3105080556ns10:Original2022-03-3105080556ns10:Originalns5:PlantMachinery2023-03-3105080556ns10:Originalns5:MotorVehicles2023-03-3105080556ns10:Originalns5:ComputerEquipment2023-03-3105080556ns10:Originalns5:PlantMachinery2022-03-3105080556ns10:Originalns5:MotorVehicles2022-03-3105080556ns10:Originalns5:ComputerEquipment2022-03-3105080556ns10:Originalns10:OrdinaryShareClass12023-03-3105080556ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3105080556ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31
REGISTERED NUMBER: 05080556 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED

KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED (REGISTERED NUMBER: 05080556)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs P A Jacklin
Mr D Jacklin





SECRETARY: Mrs P A Jacklin





REGISTERED OFFICE: Chestnut Manor
Fillingham Road
Willingham by Stow
GAINSBOROUGH
Lincolnshire
DN21 5LN





REGISTERED NUMBER: 05080556 (England and Wales)





ACCOUNTANTS: Rigel Wolf Ltd
Orion House
28A Spital Terrace
GAINSBOROUGH
Lincolnshire
DN21 2HQ

KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED (REGISTERED NUMBER: 05080556)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,004 1,276
Investment property 5 373,340 373,340
374,344 374,616

CURRENT ASSETS
Debtors 6 76,121 76,121
Cash at bank 3,067 11,141
79,188 87,262
CREDITORS
Amounts falling due within one year 7 269,801 258,113
NET CURRENT LIABILITIES (190,613 ) (170,851 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,731

203,765

CAPITAL AND RESERVES
Called up share capital 8 3 3
Retained earnings 9 183,728 203,762
SHAREHOLDERS' FUNDS 183,731 203,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





Mrs P A Jacklin - Director


KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED (REGISTERED NUMBER: 05080556)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Kane Developments (Gainsborough) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Compliance with the requirements of the FRS in regard to accounting for Investment Properties requires departure from the requirements of the Companies Act 2006 relating to depreciation and an explanation of the departure is given below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, the investment properties will be valued annually and included in the financial statements at fair value. The surplus or deficit will be transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of the freehold investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRS. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the provisions of the FRS regarding investment properties in order to give them a true and fair view.

If this departure from the Act had not been made, the loss for the financial year would have been increased by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED (REGISTERED NUMBER: 05080556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 500 25,763 382 26,645
DEPRECIATION
At 1 April 2022 424 24,788 157 25,369
Charge for year 7 243 22 272
At 31 March 2023 431 25,031 179 25,641
NET BOOK VALUE
At 31 March 2023 69 732 203 1,004
At 31 March 2022 76 975 225 1,276

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 373,340
NET BOOK VALUE
At 31 March 2023 373,340
At 31 March 2022 373,340

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 76,121 76,121

KANE DEVELOPMENTS (GAINSBOROUGH) LIMITED (REGISTERED NUMBER: 05080556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 780 86
Tax - 1,253
Social security and other taxes 86 720
Commercial credit card - 2,298
Directors' current accounts 268,155 252,181
Accruals and deferred income 780 1,575
269,801 258,113

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
3 Ordinary £1 3 3

9. RESERVES
Retained
earnings
£   

At 1 April 2022 203,762
Deficit for the year (20,034 )
At 31 March 2023 183,728

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors charged the company £312 (2022 - £312) for use of home as office.

11. RELATED PARTY DISCLOSURES

At 31 March 2023 there was a balance owed by the company to the directors of £268,155 (2022 - £252,181).

12. ULTIMATE CONTROLLING PARTY

The ultimate control of the company lies with the two directors, who between them hold 100% of the issued share capital.